Hi Friends,

I had been to the FAIRPRO '09 Fair.My Impression after seeing, is that prices are stagnating for all ongoing projects and builders are trying hard to hold them up.

Prices are 10-20% lower for new projects in the pipeline and for ready to occupy flats.

The discount offered at the stall was very less and were in the range 150-500 Rs/sqft max.

For the benefit of fellow members I am posting the project/price details of some of the properties.



Akshaya Foundations

Adora - OMR - 3750/sqft
Aikya - Adyar - 12500/sqft

Alliance Group - Orchid Springs - 3199/sqft

Arihant Foundations

Heirloom - Thalumbur - 2499/sqft
Escapade - Thoraipakkam - 4150/sqft
Villa Viviana - Maramalai nagar - starting from 1 Crore

Asvini Foundations

Amarisa-phase1 - Ramapuram - 4500/sqft
Amarisa-phase2 - Ramapuram - 4250/sqft
Akshita - Madipakkam - 3800/sqft

Casa Grande

Riveira - Palikkarnai - 3450/sqft - before discount 3600/sqft
Silver Oak - Perungudi - 4300/sqft - before discount 4500/sqft
Madhuban - Madipakkam - 3300 /sqft - before discount 3500/sqft
Mylapore - R.K.salai - 12500/sqft
Plots
Ponmar -785/sqft - before discount 825/sqft
Maraimalainagar - 790/sqft - before discount 825/sqft

CeeDeeyes - Chenni Pattinam

Basic Rate - 1600/sqft All Inclusive - 2075/sqft

Chaitanya shanthiniketan

Sunnyvale - Ayanavaram - 4850/sqft
Serena - Rajkilpakkam - 2550/sqft
Gardenia - OMR - 1900/sqft
Green Park - Chitlapakkam - 3300/sqft

DLF

Gardencity - 3200/sqft - was told slash in prices expected in coming weeks.

Doshi Housing

Etopia I and II - Perungudi - 3895/sqft
Nakshatra - Tambaram - 2995/sqft - Completion May 2010
Tranquil - Velachery - 5500/sqft - Completion February 2010
Trinity park - Santhoshpuram,Vengaivasal - 3195/sqft - Completion April 2009
Serene Couny-Villas - Santhoshpuram,Vengaivasal - 2200,2600/sqft
LlanStephan - Chetpet - 9000/sqft - Completion May 2009
Sri Mahalakshmi - Ayanavaram - 4495/sqft - Ready to Occupy

ETA

Rosedale - OMR - 3100/sqft
Le Chalet - Villas - Sriperambudhur - 26 Lakhs - 37 Lakhs

Hiranandani Upscale - 4200/sqft

Hiranandani Palace Gardens - 3475/sqft

Indus Housing

anantya - Navalur,OMR - 2299/sqft + 400(other charges)
riviera villa - Navalur,OMR - 90 Lakhs onwards
habittera - urapakkam,GST - 2399/sqft + 400(other charges)
amber - Saidapet - 4750/sqft

Jain Housing

Ankush Prakas - Kilpauk - 7500/sqft - Ready to occupy
Amrit Kailash - Strahns Road - 4500/sqft - Ready to occupy
La Gardenia - Nungabakkam - 7500/sqft - Ready to occupy
Ansruta - Valluvarkottam, nungabakkam - 10000/sqft - Ready to occupy
Antariska - Kodambakkam - 4500/sqft - Ready to occupy
Eiffel Garden - Vadapalani - 4250/sqft - Ready to occupy
Saagarika - M.R.C Nagar, sea facing - 10000/12500 - Ready to occupy
Green acres - Pallavaram - 3900/sqft - Ready to occupy
Abhishek - Selaiyur - 3500/sqft - Ready to occupy.

Jamals

Orchid - Palikkarnai - 3500/sqft
Palazzo - keelkattalai - 3700/sqft
Grandeur - Velappanchavadi(near saveetha dental college) - 3200/sqft

KGEYES

3 Projects on L.B.Road, Thiruvanmiyur - 6650/sqft
Delmare - Beach road,Thiruvanmiyur - 7000/sqft
Carolina - Velachery,Taramani - 4500/sqft
Swathi - Sastri Nagar,Adyar - 8500/sqft
Kalakshetra - 8000/sqft

Landmark Constructions

Tiara - Perungudi - 4000/sqft - Completion on August 2009
Aston Ville - Vadapalani - 5500 sqft - Completion on July 2009
Tudors Place - K.K.Nagar - 6500/sqft
The Address - Adyar - 11500/sqft
The Grange - Palavakkam - 7500/sqft
Cenralia - Chrompet - 2950/sqft - prelaunch
Gem Towers - AnnaNagar - To be launched.
Mahalakshmi Heights - Ashok Nagar - To be launched

L&T Estancia
Construction in Progress
1st-3rd Floor - 3950/sqft
4th -12 floor - floor rise charge of 20/sqft for each floor
13th - 17th - 4450/qft

L&T Eden Park - 3600/sqft

Mantri Synergy - OMR
2800/sqft - with 20/floor rise
Special offer - First Floor - all inclusive
1140 sqft - 33,67,000
870 sqft - 28,50,000

Navin Housing

Dayton Heights - Nelson Manickam road - 6500/sqft + 30/sqft floor rise from 2nd floor
Subha Mangala - Ramapuram - 4200/sqft
Brookfield - Nanmangalam - 3500/sqft
Merrylands - Medavakkam - 3500/sqft

Olympia Opaline - 3441/sqft - spl budget flats available

PACE Builders

Anna nagar west - 4195/sqft - before discount 4495/sqft
Selaiyur - 3195/sqft - before discount 3495/sqft
Valasarvakkam - 2795/sqft - before discount 3295/sqft

PS Srijan

The Grand - Velachery - 5250 sqft - before discount 5500/sqft - Floor Rise applicable from 4th floor

Rajparis

Harmony - Medavakkam - 3100/sqft

Rajarathnam Constructions

RC Prince Gardenia - Perambur redhill road,Kolathur - 3600/sqft

Rajkham

Independant houses - Ayyapathangal - 2600/sqft

Real Value

Sai Skanda - Velachery - 4200/sqft
Sai Surya - Palikaranai - 3800/sqft
OMR opp SIPCOT - 13.20 Lakhs onwards

Shriram Properties

Trishakti - SIPCOT - 2750/sqft
Shankari - 1990/sqft

Sidharth foundations

Tulip - k.k.nagar west - 4800/sqft - completion march 2009
Natura - medavakkam - 3100 /sqft - completion july 2009
Visvaleela - Annanagar - 8500 /sqft - to be launched
Dakshin - Urapakkam - price TBD - to be launched
upcoming projects in porur, thoraipakkam, rajkeelpakkam, mogappair.

SIS

Safaa - Urappakam - 3150/sqft

SSPDL

Crescent - Kelambakkam - Vandalur Road - 2500/sqft
Upcoming 2 villa project one in OMR and one in Sriperambathur.

Sumanth & Co

Thiruvanmiyur - 6000/sqft
Besant Nagar - 11500/sqft

TVH

Lumbini square - Pursaiwalkam - 5500/sqft + 30/sqft floor rise from 5th floor
Ouranya Bay(Premium) - OMR,Padur - 3100,3200 + 25/sqft floor rise from 5th floor
Ouranya Bay(Budget) - 2bhk - 20 Lakhs
3bhk - 30 Lakhs
Ekanta - Coimbatore - 3100/sqft
Revata - Mogappair east - 4500/sqft
Kamya - K.K,Nagar - 7000/sqft
Metro Golden Nest - Sriperambathur - 1bhk - 15 Lakhs
2bhk - 22 Lakhs
3bhk - 28 Lakhs

VGN Group

Minerva - Mogappair,Nolumbur - 2975/sqft
3 in 1, 4 in 1 - 3800/sqft
Mahalakshmi Nagar,Thiruverkadu - 3500/sqft
Plots
Mugalivakkam - 52 Lakhs/grnd
Selaiyur - 50 Lakhs/grnd
SPKoil - 34 Lakhs/grnd
Katankulathur - 22-27 Lakhs/grnd

Yuga Homes

Shem Park - chemmenachery - 3300/sqft
Upcoming in Koyambedu, R.A.Puram(8000/sqft)



There are lots of properties and also lots of potential buyers.There is sure a sense of uncertainity among the builders and also the buyers on when to make the next move.It was evident that correction in RE prices have started to happen.

Requesting members to respond with their thoughts on the current trend.
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2346 Replies
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  • Larsen unlike phase 1 now has competition around the spot in all direction for 1-2 Kms. Having availed the Premium FSI for additional 5 floors in all towers, cost aould have come down heavily for this EPC contractor who got own men,materials and Machineries and Fixed Rate Contract for Plumbing,Electric,Flooring contractors . This will contain the planned cost in tangible way than unplanned costs arising out through the execution .
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  • Price seems to be cracking in the city for new apartments. The difference between advertised price and agreed price is growing. I think the inflation support the floor for now.
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  • Usual cracking sequence starts that way...resale apartments commanded high premium because of new apartment prices and it gets hit with a lag...no of sellers determine the magnitude of the crack..while it may not crack due to not many sellers, it cannot run away neither. Resale in up market T Nagar areas (> Rs 10k psft) is softening is what I hear.
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  • What is Cracking/ cracking sequence?

    Crack is a cocaine in smokeable form.
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  • Read the 5th word in #1443 and get the context. It is still an English word..unlike, fracking!
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  • Originally Posted by maverick007
    Read the 5th word in #1443 and get the context. It is still an English word..unlike, fracking!


    I am serious.

    My question is from post #1443.

    What exactly is cracking in terms of RE?

    "The price seems to be cracking in the city"

    Does he mean price is falling?
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  • RE prices are falling all over india. In fact fall is slow in Chennai
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  • I agree here. But more than inflation it is Rupee devaluation that will support RE prices for now. NRIs will be tempted to make use of the fall and invest more in RE here.

    But ultimately if prices crack, we should not be surprised. RE prices are always driven by greater purchasing power . After 2011, our domestic economy plus IT outsourcing are faltering in growth, employee wages are not keeping up with inflation. The days of assured 20%+ salary hike in our IT companies are all gone. Given this, where do the folks have money to stretch and buy higher priced RE?

    Get ready for the great RE correction , which will be real and longer lasting than 2008-2009 correction (which IMHO was just a lightning flash)
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  • Read an article in where they have shown how much sqft of property can be bought using 1 Cr across the world.

    Strangely the city which has recorded one of the highest % growth recently in RE is shown in bad light as being the cheapest in the world! Hmm some hidden intentions!

    May be people who know more can comment! Looks like some timepass article :)

    makaaniqmakaancom/what-property-can-100-lac-buy-in-india-and-across-the-world.html
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  • Originally Posted by vettipayyan
    Read an article in where they have shown how much sqft of property can be bought using 1 Cr across the world.

    Strangely the city which has recorded one of the highest % growth recently in RE is shown in bad light as being the cheapest in the world! Hmm some hidden intentions!

    May be people who know more can comment! Looks like some timepass article :)

    makaaniqmakaancom/what-property-can-100-lac-buy-in-india-and-across-the-world.html


    Let it be real. Seeing this atleast makes me feel my investment is safe. :)

    Let it be real. Seeing this atleast makes me feel my investment is safe. :)

    Let it be real. Seeing this atleast makes me feel my investment is safe. :)

    Let it be real. Seeing this atleast makes me feel my investment is safe. :)

    Let it be real. Seeing this atleast makes me feel my investment is safe. :)
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  • Originally Posted by srivat
    Let it be real. Seeing this atleast makes me feel my investment is safe. :)


    i have spent(with banks help!) 40 L to buy a 2 bhk flat of 817 sqft in chennai-Pallavaram. if i do the math for 2400 sqft it would be 117.5 Laks. the delta is 17.5 Laks, considering the area of the property, this is a agreeable data.

    But what is provided for Banalore is a wrong data. As i knew Banagalore prices are much lower compared to chennai.
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  • We already had a discussion on why property prices across the world vary between developed counties and developing countries like India.

    Developed countries like UK, US, etc have sometimes very high holding costs.
    Property Taxes are 2-5% every year, Maintainance is a huge hit every month.
    Though you have low interest rates, it is so expensive to hold an apt.
    Thats why most people buy it and rent it, rather than keeping it locked like in Asia.

    In China, India, Asia, etc it is very easy to hold. Property Taxes are very low, water, EB and other bills also low. Rates are high but tax breaks are decent. After tax there might not be a big difference.

    We do however can compare prices across India.
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  • Tapering growth forces companies to lay off staff, job market is likely to get much worse

    Tapering growth forces companies to lay off staff, job market is likely to get much worse - The Economic Times

    By Vikas Dhoot, ET Bureau | 30 Jul, 2013, 10.00AM ISTPost a Comment
    Most companies have imposed a hiring freeze. Automobile, IT and banking firms have seen thousands of job losses

    NEW DELHI: While fresh hiring has already taken a hit, thanks to the slowing economy, India Inc has for the first time acknowledged that large-scale layoffs are already underway and the job market is likely to get much worse if growth isn't revived fast.

    "Layoffs of contractual staff have already started and this could soon move to permanent employees," Ficci president Naina Lal Kidwai has said, warning the government of "a grim employment scenario" unless growth is revived urgently.

    "With the slowdown becoming more discernible, fresh hiring is already taking a hit. Unless the growth trajectory is reversed, we will be facing a grim employment scenario," Kidwai said ahead of the meeting of the Prime Minister's Council of Trade and Industry on Monday evening. Estimates indicate that about 10 million people join the workforce every year; however, there remains a yawning gap between the skills acquired by these new entrants and skill set required by the employer.

    An internal note of Ficci reviewed by ET states that the job market is 'gloomy' with sectors such as auto, IT and banking seeing thousands of job losses, while most companies have imposed a hiring freeze.

    "Particularly in the auto sector, which has been operating at low capacity due to weak demand, thousands of temporary staff has already been laid off and fresh hiring is on a complete freeze," Ficci said. "Job market in other sectors also reflects a slowdown. UBS recently surrendered its commercial banking licence to the RBI and had begun firing employees from its commercial banking division."

    The surrender of the banking licence by UBS reflects a growing disenchantment among foreign investors about India's prospects in the near to medium term. Since procuring such an asset like an operating licence in the country entails long and complex procedures, often running into years, this indicates that it doesn't expect the Indian market to be lucrative for a while to come.

    " IBM, as a part of its restructuring process, had already started laying off employees in North America and more jobs are likely to be cut in other nations like India," the FICCI note states. Headhunters said the stress in the job market is visible, though it hasn't become an across-the-board phenomenon yet.

    "We are seeing a lot of CVs coming from employees in the banking and technology sectors, looking for opportunities in other sectors," said Dony Kuriakose, director of Edge Executive Search, adding that a bigger re-alignment is underway in hiring strategies.
    "No one is looking at mass hiring or entry-level recruitments off campus, instead the focus is now on niche, specialised hiring," he said. This poses a serious threat for new entrants into the job market and could lead to high youth unemployment. Over 10 million young Indians join the workforce every year but a mismatch in the skills they have acquired and the skill sets industry is looking for makes it difficult for them to get formal employment.

    Industry-wide surveys conducted by Assocham and Ficci show a steady decline in the number of firms that expect to hire more people, which also euphemistically implies that there are greater pressures to downsize staff numbers. For instance, FICCI's Business Confidence Survey found that just 20% respondents expect hiring to go up in the second quarter of 2013-14, down sharply from 30% of firms who indicated the same in the previous quarter.

    A similar poll by Assocham found that almost three out of every four firms doesn't expect any new jobs to be created this year. Another indication of harder times in the job market is the sharp decline in margins across the services and manufacturing sectors, which is forcing companies to curb operational costs.

    Data compiled by the Centre for Monitoring the Indian Economy (CMIE) shows that net sales growth in manufacturing sector eased from 9.3% in the third quarter of 2012-13 to 5.2% in the fourth quarter. The sales decline had hit sectors across the board: food and chemicals, metals, steel, cement and transport equipments.

    Profit margins and operating expenses also saw a similar decline in that period, and industry believes things have got worse in the first quarter of this year, with no tangible revival in any of the core economic barometers.
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  • Originally Posted by bulletproof
    Tapering growth forces companies to lay off staff, job market is likely to get much worse

    Tapering growth forces companies to lay off staff, job market is likely to get much worse - The Economic Times


    As I had already stated in one of the earlier posts , Muted layoff has already been going strong for past 3 months! Ones in the field would already know about this!
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  • Originally Posted by iceemani
    i have spent(with banks help!) 40 L to buy a 2 bhk flat of 817 sqft in chennai-Pallavaram. if i do the math for 2400 sqft it would be 117.5 Laks. the delta is 17.5 Laks, considering the area of the property, this is a agreeable data.

    But what is provided for Banalore is a wrong data. As i knew Banagalore prices are much lower compared to chennai.

    Your comparison wud hv been valid if you do a UDS price comparison with ground rate, but wat u have compared is total flat cost with ground cost which is wrong when the major portion of the cost is the land cost
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